DISB Brings Attention to the District’s Health Insurance Needs

For the first time, DISB is using the month of November 2007 to establish a Health Insurance Awareness Month in the District to help consumers navigate through the complex system of health insurance, and to bring attention to the disparities in health insurance coverage in the District of Columbia. According to one research, in the Washington, DC, area, about 34 percent of Hispanics, 19 percent of non-Hispanic Asians/Pacific Islanders, 17 percent of non-Hispanic Blacks and 7 percent of Caucasians are without health coverage.

To close some disparities, DISB has conducted several meetings to find alternatives for the uninsured. The agency encourages uninsured residents to seek alternative coverage such as Medicaid, DC Healthcare Alliance, Healthy DC, DC Healthy Families Insurance, most of which are free or below cost, and administered by the DC Department of Health. Residents may also consider CareFirst BlueCross BlueShield’s Open Enrollment Program. Before purchasing any kind of health insurance, consumers should protect themselves by taking a few minutes to STOP, CALL DISB at (202) 727-8000 and CONFIRM that the company offering the policy is legitimate and authorized to sell insurance in the District.

DISB Promotes the MoneyTrack Series

One out of 100 investors knows or puts into practice eight basic investing secrets, and a bit more than a third (37 percent) get half or more of the fundamentals right. This is according to the findings of the new “MoneyTrack/Investor Protection Trust Investing Secrets Survey” conducted by Opinion Research Corporation (ORC). The first-time-ever survey of more than 1,000 US investors was released simultaneously with the second season of the MoneyTrack public television series, which aired on PBS-affiliate WHUT Channel 32, beginning May 14. There are 15 half-an-hour episodes. MoneyTrack® is a national series that teaches and inspires viewers on investing secrets critical to success in personal finance, and avoiding common financial scams. The nonprofit Investor Protection Trust (IPT), which works with DISB, is a major supporter of the series. To see the full “MoneyTrack/IPT Investing Secrets Survey,” go to http://www.moneytrack.org on the web. DISB will use the DVDs of the series for its upcoming consumer-education presentations.

June—Upcoming DISB Events For the rest of 2007, DISB will continue to host its First Wednesdays Money-Savers seminars and workshops at its office at 810 First St., NE, Suite 701, noon to 1 pm. Please visit the website at disb.dc.gov for updates. The topics, which are subject to change, are as follows: June 6—The 4Cs of Lending Presenter: Rosemary Hill, education and community relations specialist at the Consumer Counseling Credit Service of Greater Washington Inc., a division of Money Management International and its families of CCCS agencies. In today’s home-buying market, many consumers are jumping into products that do not consider the four Cs—capacity, capital, collateral and credit. In this seminar, you will learn why having money on hand is important when buying a home; what creditors look for, and what you need if you have to borrow without a down payment. You will understand the tried and true measures when it comes to mortgage lending and you will understand the risks. Upcoming Seminars July 11—The Truth About Credit. Get tips on improving your credit, using it wisely, and the truth about credit cards.   Presenter: Patrice Philippe, consumer educator, Capital Area Asset Builders  Mr. Philippe is a credit expert with the Capital Area Asset Builders (CAAB), a nonprofit that creates opportunities for people of all incomes to improve  their financial management skills, increase their savings, and build wealth. He will discuss the keys to using credit wisely, improving your credit score and  what you should know before applying for a credit card. Aug. 1— Saving for Retirement when you still have more than 20 years to go, Presenter: James Henderson, Henderson and Associates Sept. 5—Life Insurance Awareness Month, Presenters: DISB Insurance Bureau Oct. 3— Saving Tips for the Family, Presenter: Colleen Dailey, Capital Area Asset Builders Nov. 7—Health Insurance Awareness Month, Presenters: DISB’s Health Insurance experts Dec. 5—Saving with Taxes, Presenter: Stephanie Ferdinand, Ferdinand and Associates DISB will also be at the following community events to provide consumer information: Ward 5 Economic Workshop Saturday, June 9, 2007, 9 – 11 am Trinidad Recreation Center, 1310 Childress Street, NE Homebuying Fair for DC Government Employees Tuesday, June 12, 2007, 10 am – 2 pm 1 Judiciary Square, NW

DISB to Host Fraud Summit This July

DISB will be hosting a fraud summit July 26 at 10 am at the Washington Seniors Wellness Center at 3001 Alabama Avenue, SE, in Ward 7. This is exactly one week after Fraud Awareness Week, July 16 to 20, which had been declared by the Association of Certified Fraud Examiners. For more information, please check DISB’s website at disb.dc.gov.

DISB Wraps Up a Successful Financial Literacy Month in the District

DISB used a series of Money-Saving Wednesdays brown bag seminars—ranging from saving for education to planning a worry free retirement—to encourage District residents to reflect on their finances for the District’s first Financial Literacy Month. Each of the four events, held on a Wednesday in the month of April, attracted sizeable attendees. Mayor Adrian Fenty issued a proclamation declaring April as Financial Literacy Month to inspire residents to engage in programs that help build wealth. One such program is DC Saves. DISB and the nonprofit Capital Area Asset Builders (CAAB) joined the DC Saves campaign to motivate and provide the tools for residents to develop better saving habits. A DC Saver is anyone who agrees to save regularly for a goal, and by the end of April, more than 37 people had signed up. The agency wrapped up the month with a presentation at the Martin Luther King Memorial Library. DISB will replicate the Money-Saving Wednesdays on the first Wednesday of the month for the rest of the year. It will also host longer seminars at the Martin Luther King Library on the last Thursday of the month at 3 pm, starting this August. To learn more about DISB’s consumer-education programs, please visit disb.dc.gov.

Council Committee Invites Public to Roundtable on Financial Literacy in DC

Councilmember Mary Cheh, chair of the District Council’s Committee on Public Services and Consumer Affairs, will hold a public roundtable on Financial Literacy and Education in the District of Columbia on June 28 at 10 am in the Council Chamber on the fifth floor at the John A. Wilson Building, 1350 Pennsylvania Ave., NW. The roundtable will solicit ideas and explore the best ways in which financial literacy and education programs can be delivered to and used by District residents.

The committee invites the public to testify or to submit written testimony, which will be made a part of the official record. Anyone who wishes to testify at the roundtable should contact the Public Services and Consumer Affairs Committee Staff Assistant Aukima Benjamin at 724-4902 or via e-mail at abenjamin@dccouncil.us. All witnesses will be permitted a maximum of five minutes for oral presentation. The list closes at the end of the day on Tuesday, June 26, 2007. If unable to testify at the roundtable, written statements are encouraged and will be made a part of the official record. Copies of written statements should be submitted either to the Committee on Public Services and Consumer Affairs, or Cynthia Brock-Smith, Secretary to the Council, Room 5 of the John A. Wilson Building, 1350 Pennsylvania Avenue, NW, Washington, DC 20004. The record will close at the end of the day on Thursday, July 12, 2007.

DISB to Work With Other Government Agencies on Consumer Protection Initiatives

DISB will work with DC Attorney General Linda Singer who has announced a series of consumer protection initiatives by the Office of the Attorney General to address many of the problems highlighted in the report, “The High Cost of Being Poor in the District of Columbia: Financial Products and Services.” The report was prepared with the help of the Center for Responsible Lending and the Urban Institute. It focuses on the disadvantages that poor consumers in the District face in obtaining financial products and services, including check cashing, short-term loans and mortgage financing.

The Attorney General, along with DISB, the Council of the District of Columbia, the Department of Consumer and Regulatory Affairs, Legal Counsel for the Elderly, and the Urban Institute, will convene a series of town hall meetings to learn about these challenges and identify additional services needed by residents who use financial and retail services intended primarily for low-income consumers. The agencies will explore legislation to address payday loans, price disclosures by money transmitters, a cap on check-cashing fees, foreclosure rescue scams and standard price disclosures by rent-to-own furniture, among others. Attorney General Singer is exploring the possibility of creating a working group of investigators from DISB, attorneys from her office and the Federal Trade Commission to prosecute predatory mortgage lending; investigating and prosecuting foreclosure rescue scams; and developing and disseminating consumer education that addresses basic money management issues.